It's a well known fact that payroll management is often perceived as a bane to the ever-burdened HR department. The seemingly unending list of hurdles faced by an in-house payroll department eats up valuable time that can be spent on other core HR activities.
Here's a list of the five most typical problems an in-house payroll department would face:
- Administrative burden
In-house payroll processes are typically manually done. It goes without saying that this is an inefficient method as it's susceptible to human error. Due to the great deal of paperwork, this imposes a huge (avoidable) burden on your HR staff.
- Organizational issues
Linked to the administrative burden, there exists the problem of maintaining payroll, employee records and other vital information in an efficient and easy-to-access manner. This is heavily dependent on the usage of paper which in the digital age, is deemed archaic.
- Incompatible software
Not all payroll management software is compatible. For example, one may use multiple softwares to handle different functions (employee profiles, payroll, etc.). These various softwares do not integrate and hence require more man hours.
- Tracking employee absence
Keeping a constant tab on your employees' whereabouts is a daunting task, laced with inevitable faults. Paper time cards and even many digital time sheets, are notoriously prone to misuse and unintended error which result in inaccurate payroll.
- Compliance issues
Indian tax law is one of the most complex in the world. So to understand it completely is often a futile endeavor. The repercussions of missing out can be grave and costly. Accurate and timely practices are the need of the hour for every business.
A payroll management system is a boon to a company. This means that the HR department can stay focused on increasing productivity and employee engagement while the payroll software takes care of everything else. It's quite common for a business owner or manager to view the purchasing of a payroll software as an expense when in fact, it should be seen as an investment.
So is there such a software that can cater to all your HR and payroll needs and still be affordable enough to not even notice? Luckily for you, there is.